Not Everyone Fits In A Box.
Non-QM Mortgages are one of the fastest growing sub-segments of the mortgage industry. Centered around self-employed borrowers or 1099 based contractors, these loans are built around business or personal cash flow and proven by bank statements, not W2's or tax returns.
Non-Qualified Mortgage Loan
Non-Qualified Mortgage loan or Non-Qualifying loans (Non-QM) help borrowers who can't meet the strict criteria of a qualifying mortgage. Non-QM plays an important role in helping make the dream of owning a home possible to more people. These are loans that do not meet the federal standards and have different terms which allows Non-QM lenders to accept alternative income documentation to qualify borrowers for their mortgage.
A Non-QM loan has underwriting guidelines that are different than the typical conventional or government type loans. Non-QM loans are not only for those with certain credit issues but for those who need to show alternatives ways of income verification. The Non-QM loans lending guidelines also look at the borrower's income based on their type of employment and analyze their Ability to Repay (ATR) a loan according to its terms (based on many factors). This includes cash flows through personal and business bank accounts.
Is a Non-QM Mortgage For You?
Purchasing property can be a complex process. At RealFi Home Funding Corp., we simplify the process for you. We provide solutions for borrower's who are not able to meet Conventional guidelines (Fannie Mae, Freddie Mac, FHA, VA). At RealFi Home Funding Corp., we understand that your situation is unique and we take pride in offering you a solution through our Non-QM product line.
Who should consider a Non-QM Mortgage ?
Self Employed Borrowers - We offer alternative income documentation for borrower's with complicated tax return's that do not fit the "one size fits at" mold
Real Estate Investors - Owning multiple investment properties can be a challenge with traditional financing. Our DSCR product allows you to purchase investment properties only using the cash flow of the property you are purchasing or refinancing
Asset Based Borrowers - This product allow's a borrower to use their assets to support the mortgage in lieu of traditional income sources
Non-Permanent Residents - ITIN Borrowers who reside in the United States
Foreign Nationals - Borrowers looking to purchase a home that live outside of the USA
1099 Borrowers - This program is built for our Borrowers who generate income through a 1099
Unique Properties - We can finance Non-Warrantable Condos, Multi Use Properties, Up to 8 units, Second Homes
If you fall into one of these categories, you should consult one of our loan officers who can help you determine if a Non-QM mortgage is the right solution for you.